- With assets approaching $20 billion, BlackRock’s IBIT is among the top 3% of all ETFs.
- Bitcoin has recovered 7% over the last week despite the recent volatility, with current values hovering around $70,657.81.
The attention that the financial world has focused on Bitcoin has returned, largely due to BlackRock’s Bitcoin ETF (IBIT), which is getting close to $20 billion in assets.
With this latest accomplishment, IBIT is now in the top 3% of all Exchange-Traded Funds (ETFs) in the world, indicating strong faith in the value proposition of Bitcoin and its blockchain foundation.
Bullish Bitcoin Sentiment
There is a noticeable positive vibe in the cryptocurrency space as the much-awaited Bitcoin halving event approaches. In the past, halving events—which cut the incentive for mining new blocks in half—have caused notable spikes in the BTC price.
This time around, the market anticipates a similar upward trend, helped along by rising institutional interest and wider acceptance of cryptocurrencies as legitimate asset classes.
IBIT has been growing at an incredible rate and is slowly making its way to the top of the ETF market, according to data from Bloomberg ETF expert Eric Balchunas.
$IBIT is nearing $20b in assets, curr 88th spot among all ETFs, which puts it in Top 3%. It just passed a bunch of veterans incl $EEM, $EWJ, $SMH and $TIP pic.twitter.com/IgmuHpFlKb
— Eric Balchunas (@EricBalchunas) April 8, 2024
With $18.96 billion in assets under management as of right now, IBIT is ranked 88th overall, higher than well-known ETFs like EWJ, SMH, and TIP.
This outstanding accomplishment highlights the increasing interest among investors in Bitcoin and, consequently, financial products related to Bitcoin. For a deeper dive into these developments, you can check this Youtube video.
Dynamics of BTC Prices
Embued with this upbeat mood, Bitcoin’s price has been like a roller coaster, high and low. Following a peak of $73,737 on March 14, 2024, there were some small reductions for Bitcoin.
At the time of writing, the price of Bitcoin is $70,657.81. This represents a 7% rise on last week’s figures while falling a bit compared with the 1.62% in the last 24 hours. These wild fluctuations illustrate the unpredictable nature of cryptocurrencies, yet their overall direction continues upward.
Forecast for Analysts
Following the halving, market analysts are optimistic about Bitcoin’s future; some even forecast that the price would rise much above $74,000 and may even reach $80,000.
The success of BlackRock’s IBIT ETF serves as an example of the growing institutional support for Bitcoin, which supports these expectations, in line with what ETHNews previously disclosed.
The combination of the approaching Bitcoin halving event and BlackRock’s IBIT ETF approaching $20 billion in assets paints a positive picture for the future of Bitcoin.